Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-03-31

and traps on bis back distance Of
over sixty miles each time. II
was fifteen years after Che discovery before
he could induce capitalists 10 visit the
region. The Lake Show road was COM
pleted and the first mine opened in 1885
This was the famous Colby, the greatest
iron producer in the world, whose output
last season was $50, coo tons. Early in its
history Moore sold his interest in the Colby.
1t is stocked for only $500, 0OO and its
value is placed at s., 900, 900. Each orig
inal share 1885, is worth upward of $500.
This mine is literally hill of iron, and as
all Bessemer is a soft hematite, il is shovel
ed into ears like so much sand. 1t has
made scores of people rich and
is now making fortunes for
four sets Of peOple-the owners
OF the ground, the owners of the mine, the
lessees and the superintendent. The
Colby and all other mines on this range
are one ground leased from syndicates
who own it. The ground Owneis get
royalty of fifty cents ton on 81 ole re-
moved. For instance, and to illustrate
how so many people are getting rich off
the Colby: Last year the ground owners
received a total OF $l21, 600 royalty on the
go, 900 tons of ore produced. Parties
have the mine leased and pay its owners
several dollars ton for its product. The
lessees sublet the work of getting out the
ore to Capt. SellwOOd for 80 cents ton.
SellwoOd can mine the ore for 10 cents
ton and thus clears 20 cents ton--Or a
total of Sl75, 900 lost year.
A year or so ago Capt. Moore appeared
IN Milwaukee with samples Of the Gogeblc
ore. lie said he knew of ore mines equal
ly as rich as the Colby. He visited nearly
all the capitalists in Milwaukee, but could
induce no one to 60 in with him. Finally
he fell in with shrewd Yankee insurance
agent named John E. Burton. Burton lis
tened to Moore and became interested. He
visited the region and determined to try
his luck. After mOrtgaging his home, con-
verting everything he had into cash and
borrowing all he could from his friends he
had about So 200. With this he secured
options on hundreds of acres around here
and purchased the site of Hurley. He
began organizing mines and
selling the stock. At the start he found
it pretty hard work. Stock sold all the
way from seventy-iiye cents to few dol
lars share. Burton purchased MOore's
interest i'll several options, the Aurora
among others. This hole proved to 4
regular bonanza. Fifteen months ago
Burton induced his friends to buy its
stock at 81 q share. Then, as he began to
make money, he bought the stock back,
and kept buying until he had a controlling
interest. Stock he sold for few dollars q
share, he paid as much as $50 for within a
year. The capital stock of the Aurora was
81, 900, 900, and month ago he sold a
interest fol S60O,OOO spot
cash, clearing $4O0, 900 on the deal. The
new owners increased the capital stock TO
s., 500, 600, and in less than month have
cleared 81 900, 600 by the deal. Burton
still owns q controlling interest in dozen
other mines, and the poor insurance agent
Of two years ago is now easily worth sew
eral millions. He is Il small, busting sort
Of fellow, about 10 years of age. He is a
native of New York. and his pointers have
made scores OF people rich about his old
home in that State.
Capt, Moore, who is big, broad faced
fellow, is a millionaire. He is still largely
and with his partners is buy
ing new mines wherever he can get them.
Another man who was early in the field
was II. S. Benjamin, of Milwaukee. a
bali dozen years ago he ran sewing ma
:hlne agency, and then launched into the
carriage business. 4 couple of years ago
he made bad failure in business. He he
,ame interested in the GOgcbic shortly
aud il now millionaire. lie
IS the head OF the MoOreBen
amin syndicate, with number of
mines under its control and agen-
lies i'm New York. RpStOn, Clevcland,